OCC Appoints Receiver for Western National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Western National Bank, Phoenix, Arizona. As of September 30, 2011, the bank had approximately $162.9 million of total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices. The OCC also found that the bank is likely to incur additional losses that will deplete its capital, and there is no reasonable prospect that the bank will become adequately capitalized without federal assistance.